【題目】 The owner of a local hot dog stand has estimated that if he lowers the price of hot dogs from $2.00 to $1.50, he will increase sales from 400 to 500 hot dogs per day. Using the midpoint formula, the demand for hot dogs is inelastic. perfectly elasti ...
【題目】 The kinked demand curve model was developed to help explain. none of the above. rigidities in prices in oligopolistic industries. fluctuations of prices in pure competition. fluctuations in prices in oligopolistic industrie ...
【題目】 A competitive firm will tend to expand its output so long as: Marginal revenues is greater than marginal cost. Marginal cost is less than average cost. Marginal revenues is greater than the average cost. Marginal revenues i ...
【題目】 The figure shows the market for books before and after a sales tax is introduced. The tax on books is ____ a book, buyers pay ____ of tax per book, and the governments tax revenue is ____. $1.20; $0.80; $12 $1.20; $0.80; $128 $0.80, $ ...
【題目】 Producer surplus is the : difference between what the consumer offered and the actual price paid. difference between revenue and variable cost of production. inventories that could not be sold at the market price. total pro ...
【題目】 The kinked demand curve model was developed to help explain. fluctuations in prices in oligopolistic industries. fluctuations of prices in pure competition. none of the above. rigidities in prices in oligopolistic industries ...
【題目】 If the market price is higher than the equilibrium price. a surplus exists and the equilibrium price will rise until it equals the market price and the surplus is eliminated. a surplus exists and the market price will fall until it equals the equilib ...
【題目】 Suppose the price elasticity of demand for oil is 0.1. price elasticity of supply for oil is 0. In order to lower the price of oil by 20 percent, the quantity of oil supplied must be increased by 2 percent. 200 percent. 0.2 percent. &n ...
【題目】 Raisin bran and milk are complementary goods. A decrease in the price of raisins will increase consumer surplus in the market for raisin bran and increase producer surplus in the market for milk. decrease consumer surplus in the market for raisin br ...
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